Originally published by AxiTrader
Changes in FX speculative positioning were modest last week. Speculators cut their long euro positions slightly, from 95k to 90k net. However, the recent break above 1.19 attracted further buying, and EUR/USD could gain additional momentum if it clears resistance at 1.20.
Pound positioning switched from net short 1k to net long 5k following the short squeeze in Cable. Meanwhile, yen shorts are getting increasingly frustrated as USD/JPY is unable to gain momentum, despite the risk-on environment and rising stock markets.
Swiss franc positioning remained unchanged at 30k. Speculators added to their Canadian dollar long positions, bringing it up from 45k to 46k net long. Meanwhile, Australian dollar and New Zealand dollar positioning almost remained unchanged at net long 39k and net short 19k respectively.